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NEW YORK ( TheStreet) -- The ex-dividend date for Cato Corporation (NYSE: CATO) is tomorrow, December 15, 2011. Owners of shares as of market close today will be eligible for a dividend of 23 cents per share. At a price of $24.50 as of 9:30 a.m. ET, the dividend yield is 3.6%. The average volume for Cato has been 184,700 shares per day over the past 30 days. Cato has a market cap of $706.2 million and is part of the services sector and retail industry. Shares are down 4.5% year to date as of the close of trading on Tuesday. The Cato Corporation operates as a specialty retailer of fashion apparel and accessories in the southeastern United States. The company has a P/E ratio of 11.7, below the average retail industry P/E ratio of 12.1 and below the S&P 500 P/E ratio of 17.7.